Success tips when doing business in Turkey

Business culture is Turkey tends to swing towards conservatism. So, our Clients should be aware of certain prevalent culture etiquettes in Turkey.

Hand shaking is the most common greeting in Turkey business negotiations. It is considered polite to stand up to shake hands when first meeting and it is perfectly acceptable to shake hands with women, though this is less common in the more conservative Eastern Turkey. Shaking hands in uncommon when departing;

Turkish businessmen should be referred to by their first name, followed by ‘bey’. Naming conventions are the same as in the US and the UK, with regards to given and surnames;

Always refer to business persons by their professional titles. Other than doctor and professor, lawyers, engineers and managers all have their own unique professional titles;

When establishing a business in Turkey, expect to eat. Turkish business persons love to do business in restaurants. Turkish protocol insists that the host pay for the meal, with bill sharing an unfamiliar concept;

Business appointments are helpful when doing business in Turkey, but the majority of executives will receive visitors without an appointment if they are able to;

As not all local Turkey companies are well-versed with international trade, we encourage our Clients to consistently use and sign contracts of service;

Initial meetings should be focused mostly on relationship building, with small talk crucial towards building trust with your Turkish business partner;

Success in business negotiations with Turkish business persons comes down to the ability to create effective personal relationships and to present logically-sound business plans;

Lastly, Turkish business culture revolves not just around money but also power, influence, honor and respect.

Interesting facts about Turkey?

In its 2016 World Competitiveness Yearbook, the Switzerland-based IMD positively ranks Turkey as the world’s 38th most competitive economy. The ranking takes into account factors including economic performance, government efficiency, business efficiency and infrastructure;

Transparency International, a measure of corruption amongst public officials and politicians positively ranks Turkey as the world’s 66th least corrupt country in the 2015 Corruption Perceptions Index;

It is ranked the world’s 79th freest economy in the Heritage Foundation’s 2016 Index of Economic Freedom, a measure of freedom enjoyed in business, trade, monetary, financial, investment and labour markets;

According to the World Bank’s Doing Business 2015 Survey, Turkey is the world’s 55th easiest place to do business. The survey measures factors including time, cost, minimum capital and registration procedures in Turkey;

How to register a business in Turkey?

To successfully register a company, our Clients will be required to i) submit the appropriate incorporation documents ii) provide a local Turkey office address iii) open a corporate bank account iv) register for tax and social security and v) obtain a business license. Healy Consultants’ experts are Turkey company registration specialists and will assist our Clients at every step.

How many directors are required for Turkey subsidiary company registration?

Every resident company must have at least 1 director for successfully registering a company in Turkey.

What is the minimum number of the shareholders required for registering a company in Turkey?

At least 1 shareholder is mandated for registering a Turkey based company.

Is it mandatory to have a resident director or shareholder for Company Registration in Turkey?

No. Turkey company law does not require firms to have resident directors/shareholders.

Is it necessary to appoint a company secretary when incorporating a company in Turkey?

No. A company secretary will not be required when our Clients incorporate a Turkey company.

What are the minimum capital requirements when incorporating a business in Turkey?

Capital of at least €3,300 must be deposited when incorporating in Turkey.

What will be the Turkey incorporation timeline?

Incorporating a limited liability company in Turkey will take an average of 3 weeks for completion. Our experts are Turkey company incorporation specialists and will send our Clients weekly updates till engagement completion.

Are there any business restrictions for foreigner entrepreneurs when incorporating in Turkey?

No. Foreigners incorporating local companies in Turkey will not face restrictions in the country.

Can a company registered in Turkey be wholly foreign owned?

Yes. Company registration in Turkey can be completed with all foreign shareholders.

Are the details of a company registered in Turkey available for public viewing?

No. Entrepreneurs will not be required to disclose company details for the public if they start a Turkey company.

How can Healy Consultants help me open a company in Turkey?

On your behalf, Healy Consultants will prepare the appropriate documentation required to complete the business registration procedures in Turkey. After submitting these documents to the respective authorities, we will also assist you with corporate bank accounting opening, visa applications and employee recruitment. Our firm’s experts are Turkey company registration specialists and will assist our Clients at every step.

What are the pre-requisites for opening a company in Turkey?

In order to register a business in Turkey, our Client will need to i) reserve the company name ii) supply the Turkey office lease agreement iii) sign the company setup forms iv) register for tax and social security and v) obtain a business license.

Contact us

Testimonial

“Pirster Pte is happy with the work that Healy Consultants undertook for the company. International incorporation can be fraught with opacity, anxiety and vulnerability - especially if it is being done remotely as we did. Healy Consultants worked really hard to make it transparent, straight forward and confidence-inspiring. I look forward to working with Healey Consultants again on future work and happily recommend them to others.”

Fiona Thompson, Managing Director Pirster Pte.

“We had taken Healy Consultants assistance in incorporating our entities in some of the complicated jurisdictions. Their approach right from the beginning has been very systematic, clear and efficient. It has been a pleasure to work with all of them.”

“Thank you Healy Consultants for swiftly project managing my engagement. From the moment I met you in Singapore Healy Consultants attended to my requirements and specific needs. I am more than satisfied with your service. Moreover, your weekly updates allowed me to continue to focus my attention on my global business while trusting you to deliver as promised.”

“Thank you Healy Consultants, you were instrumental in setting up of my Hong Kong based company, the whole process was completed in a professional and timely manner.”

Terry Skews, CEO Brittany Offshore Limited

“Healy Consultants, a professionally managed firm with clear understanding and knowledge about what client expects from them and delivers the same in a professional and timely manner. Kudos to their team.”

“Incorporating any company is comparable to setting the foundation blocks of your new company building, which you aim to build in the best location available. By choosing Healy Consultants you are laying the perfect foundations.”

“The one word that defines Healy Consultants is perfect professionalism. If you have Healy to set up your business abroad, you could focus on the operational overhead and let Healy take care of the rest. From Incorporation to Taxation, it’s a one stop solution. Rest assured, you will have the best people in the Industry working for you and providing you with the best possible information and suggestions.”

Raja Chakraborty, Director Streamlyn Pte. Ltd.

“Thank you Healy Consultants for successfully project managing our business set up in Kuwait, Lebanon, Qatar and Bahrain.”

“When it was time to establish a Space Academy in Singapore, TriVector needed a knowledgeable firm that could not only help us establish our infrastructure, but could also advise on the local and regional business climate. Healy was that firm, which is why we've been satisfied Healy Consultants for almost five years now.”

Timothy F Kauffman, CEO Trivector Services

“Finding the right partner was critical for VESL’s expansion in Asia and working with Healy Consultants has made this possible.”

“Healy Consultants were instrumental in the set up of our company. They have continued to provide exceptional support and advice over the years.”

Susan Gunnery, Managing Director Qudoss Group

“Healy Consultants is the best firm that we have ever worked with. Through our entire business relationship we were satisfied with provided level of quality and services. Healy Consultants have been responsive and detail oriented which has allowed us to stay focused on our business and not getting distracted with small details.”